Rebranding is a serious exercise that calls for more than just changing a few things here and there about your logo. You cannot expect to achieve good results with this move if you do not put great thought in it. In as much as rebranding could be all your company needs to gain the next mileage in its growth path, it could be detrimental if not thought out keenly. Some companies have seen great success in rebranding, while others have been a total failure. Find out how to avoid some of the pitfalls in rebranding before you embark on the project.
Is rebranding necessary?
Before jumping over the wall and implementing that new company logo or so, you should ask yourself this question. You can only continue with the process once you have weighed your situation carefully and come up with a positive answer.
There are various reasons that would push you to consider company rebrand. For instance, your clients or target market could be changing thus making you appear outdated. This will call for company revamp to enable you meet their interest thus maintaining the kind of business they offer you. Another reason for rebranding could be to attract more clients and gain a competitive edge in the market. This could be a great move for businesses operating in an environment where there is stiff competition.
Why is rebranding important?
At some point, any business will require to rebrand. For once, the market is changing, your audience is changing. This makes it necessary for a business to adjust and match the changing needs of their target audience. If you have 77% of consumers who don’t have anything to do with your brand, it could be beneficial to find the 23% and keep your company thriving. As consumer needs change, companies may consider rebranding to keep up with their changing taste and preferences.
Another importance of rebranding is that it can be your tool to beat competitors in the field. As many companies arise in the same market, only those who choose to innovate and evolve will survive in a cut-throat competition. Maintaining old ways of business may not be in good taste. You can choose to give your brand a unique touch-up to stand out in the market. This will boost your sales greatly.
How to successfully rebrand
Sell your brand story
People are always attracted to something they can relate with. If you can think of a way to incorporate a great story into your brand, go for it. An example of a company’s rebranding that was changed by a single story is Subway. When Subway realized that Jared Fogle’s story could relate with their brand, they ran a campaign with it that saw their company sales rise from $3 Billion in 1998 to an average of $11 Billion per year.
Rebranding shouldn’t compromise on your brand equity
Whatever rebranding plan you want to carry out, make sure it doesn’t interfere with brand promise. Customers want to relate with a company they can trust. Altering your brand equity will compromise on your company trust and reliability. This could turn your clients off thus leading to poor performance in the field. For example, when EuroVPS decided to rebrand back back as a fully managed hosting provider they did so without forcing price increase on their existing customers.
Streamline your brand identity
A good logo should be simple and easy to remember, yet unique and effective with the message you want to send to your target market. Let your brand name and sign carry the desired meaning. However, this shouldn’t be complicated as customers tend to lose interest with such designs. How about rebranding to weed out the unnecessary names in your brand?
You cannot talk about reducing clutter on brand names without mentioning FedEx, originally known as Federal Express. After revamping their logo, as well as, adopting a new name, their new identity would see them rise to be among the best logos in the world.
Give your brand a new lease of life with new ideas
In a changing world, it is almost obvious that some brands will tend to get out of date. In order to stay relevant in the market, a company may choose to rebrand. This way, they can retain their old customers as well as attract new ones. Such a move will keep the company in business despite the changing trends.
Rebranding not necessary for small changes
It doesn’t make sense to rebrand if you are only changing the name or any other small aspects of the business. This move could see your brand value lost. To avoid such a scenario, a business should come up with several aspects that call for change. Otherwise, it would be better to make a few changes to suit your business needs without rebranding.
Rebrand to reach new audiences
This could be a great move for any aggressive business. Gaining new market may call for rebrand. A business can learn from a good example of successful rebrand to attract new audience. In the year 2010, Old Spice noticed that most of their body washes were actually bought by women. They took advantage of the situation and rebranded to attract female prospects.
The company came up with the campaign “The Man Your Man Can Smell Like.” This saw their website traffic rise by 300%. Their sales doubled, not to mention the increased number of YouTube subscribers.
Rebranding for the wrong reason
It is crucial for any business to consider keenly their reason for revamping their brand. If you cannot get it right with this decision, it is likely your rebrand will be a total failure. Netflix found themselves in this mess. It was in 2011 when Netflix wanted to branch into two companies. However, they made a mistake to increase their charges by 60%. Not many clients would be pleased to fund a splitting up that they hardly know how it would benefit them. This led to alienation of long term customers.
In most cases, unsuccessful rebrand is also costly to correct. A company is likely to get out of business if their brand doesn’t resonate with the clients. Others opt for their older brand names and logos thus confusing clients. This makes it necessary for companies to learn from rebranding successes and failures of other businesses and work out their strategy keenly.